ITIN mortgages for homebuyers without social security numbers

Immigrants can be very good for housing

California is home to an estimated 2.6-2.8 million undocumented immigrants. Together, they comprise approximately 7% of California’s total population. Many of these individuals believe the doors to homeownership are closed to them, even after years of living, working and paying taxes in this state.

A meager 17% (442,000) of undocumented immigrants are homeowners, according to the National Association of Hispanic Real Estate Professionals (NAHREP). This is much lower than the average 54% homeownership rate in California. Bringing this 17% homeownership rate for undocumented immigrants up to the state’s average homeownership rate translates to an additional one million homeowners.

However, undocumented immigrants seldom have giant piles of cash lying around, so they (like most homebuyers) are reliant on obtaining a mortgage. Fortunately for California’s housing market, undocumented immigrants — and all individuals without a social security number (SSN) — can still become homeowners if they have an Individual Tax Identification Number (ITIN).

According to anecdotal evidence from various banks that offer ITIN mortgages, these mortgages perform better than traditional mortgages, with lower default rates. Obtaining an ITIN mortgage is often more difficult than obtaining a traditional mortgage, thus, only those with exceptional financial qualifications and an extraordinary willingness to go the extra mile to own a home end up taking out ITIN mortgages.

Editor’s note — Statistics on the undocumented immigrant population, homeownership rates amongst undocumented immigrants and ITIN mortgages are often estimates, as many undocumented individuals and the banks that serve them are unwilling to provide data in order to protect themselves from possible deportation.

Where can buyers take out ITIN mortgages?

Not all lenders offer ITIN mortgages, and some who do screen homebuyers for legal status. Probably the biggest reason for this is because Fannie Mae and Freddie Mac won’t purchase mortgages taken out by undocumented immigrants. Thus, the threat of default for ITIN mortgages often lies squarely with the bank that originates the loan.

All the same, when your potential homebuyer lacks an SSN there are still a few ways to find them a mortgage.

Citigroup partners with the Neighborhood Assistance Corporation of America (NACA) to provide ITIN mortgages on a national scale, making it the only major bank to do so. Their California offices are located in Oakland and Los Angeles. Wells Fargo has considered returning to the ITIN mortgage business (it used to offer ITIN mortgages in California during the years leading up to the Great Recession).

There are a few other national banks that lend to ITIN homebuyers, but these are often hard money lenders, offering loan terms as short as a single year with inflated interest rates. The Scotsman Guide provides a list of such lenders.

But for the most part, ITIN mortgages with more reasonable terms can be found through small community banks and credit unions. Even then, expect these mortgage rates to be slightly higher than the average mortgage rate. Since the bank can’t sell the mortgage to Fannie Mae or Freddie Mac, a higher risk premium is warranted. Some banks will also require larger down payments to demonstrate more skin in the game.

Have you had experience assisting a homebuyer with an ITIN mortgage? Share your experience with other readers in the comments below.

142 Comments

By this time, the tenant has observed everything possible to succeed in perhaps the most
commnon conclusion. If you can answer yes to those three questions you
will be a venture capitalist, as a matter
of fact you don’t even desire a phone or intgernet access.
Normally, the tnants use a choice when selecting
a house, in different area.

Hello, i have a friend who wants to purchase a 46k mobile home she has itin her husband has itin and her son has ssn they want to know if there is someone who can help to buy this home? Is in illinois
Hola tengo una amiga que quiere comprar una mobile home de 46k, ellos tienen itin number y su hijo tiene ssn, quieren ver si hay algun banco que les ayude? Es en Illinois

You can still help her if you can qualify for a loan. By the time you are ready to purchase your own home, you will still qualify as it will be your primary residence. Any questions call me, I’m a realtor (559) 286-5074

I can fund ITIN loans in Texas with 20-30% down under my hard money loan program, we are the direct lender and I underwrite all the loans.
call me 832-214-7030
Leonela Chavarria (hablo Español)
Loan Originator
NMLS 224658

if you do not have a TIN or social security number you can still qualify as long as your can prove the ability to repay the mortgage: 2 yrs of employment history and good probability of continued employment

Hello Gabby, I work in southern California. I will provide you the necessary information. Please call me 424-354-0254.

Carlos
on December 1, 2016 at 5:56 am

Hi , check with NACA this organization works for the people who don’t have social and who doesn’t have credit. The process is more longer but it could be worth .. they work in most of the states . I am from new yersey

Hello everyone. I work with a local credit union in Iowa and we offer ITIN loans all of the time. Yes, they are more complicated, can take a little longer but most of that is due to the borrower having to learn and understand the process. If anyone is interested and living in Iowa give me a call at 319-297-3031.

I’m a Realtor and, in previous years, I helped 3 families to buy homes using ITINs. However, the bank I used (Self Help Credit Union, from North Carolina) stopped doing loans in Virginia. They have very reasonable loans. If anybody knows of any bank that does these loans, please contact me ASAP. I have a 20+ list of people waiting for it. Thanks.

What is the number I can call you and get intouch with you? I have a few loans that I need help with

Hector
on August 3, 2016 at 3:21 pm

Hi, where can I reach you, I’m interested in a home loan with an ITIN I live in Houston.

Joshua
on August 19, 2016 at 1:46 pm

Anybody know of a lender who will do ITIN loans in WA? Not a foreign national program, but a program that offers home loans using an ITIN for clients who reside in WA state and work in WA state. thank you , Joshua

neil kalloo
on September 25, 2016 at 4:09 pm

Hi Enrique, does Southwest Funding offer Itin loans?

karina purkey
on September 26, 2016 at 2:43 pm

Hey my bame is karina cell # 2149003635 i need help get it a loan for a house with itin #

Maricela Herrera
on October 13, 2016 at 4:02 pm

You you guys help in Connecticut too? I’m a realtor.

Gerardo
on February 19, 2017 at 8:14 pm

Hello Enrique! My name is Gerardo Chavarria . I am currently looking for help. I’m in search of a home loan. I have an ITIN . If you can help please contact me back.

Hi, My name is Monica De Luna with Brazos National Bank. Please provide me with your contact information I would love to help your clients get into a home. We work with Zero Fico scores and do ITIN loans.

Hi….theirs any one can Give me Information I live in Housto Tx, I have only Itin Number, how Bank can Loan Me to buy my House, I have Credit card from Capital One, and Secured Card from Wells Fargo, I don’t Know If That Can Help Me…… Thanks For Any Information

There are many hard working Hispanics that have the same American dream to became home owners I would love to help them achieve this goal. Hay muchisima gente Latina Que desea realizar sus suenos de comprar su propia casa hare todo lo posible de ayudar buscar la forma Maria realtor

I will contact CITIGROUP to help my community in Los Angeles, San Fernando Valley to be pre-qualified for ITIN mortgage loan. thank you for the info. ESTARE CONTACTANDO a Citigroup in los angeles para mas info en como ayudar a mi comunidad a comprar casa con ITIN. gracias. Lupe Realtor

About 4-5 yrs. ago I due loans thru NACA is a long and time consumption about 6-10 months the program is grate but they don’t have the right personal to make decision,,plus also is confused personal telling you different answer.
Tiene que comunicarse con Naca tienen oficina en Inglewood,yo comense con mucho entusiasmo llendo a muchos seminaries despues de un tiempo me delisuene y abandone.Buene suerte

klesb Mike, you have identified the problem well. Democrats in government are anxiously trying to apply their economic theories to issues that require market based solutions... – Los Angeles rental crisis continues in 2019

Featured Comment

Zestimates are great conversation starters with sellers and buyers. Zillow has done more for our bottom line than NAR ever has or will. Don’t fight the current of the river, learn to run with it. Disruption is inevitable in any industry that is fragmented or inefficient. Granted, it does feel like armchair experts and platforms are plentiful in real estate these days, but when the tide rolls out we will see the value proposition of the truest professionals in this industry shine once again.